Held that the property is an industrial plot not a residential plot as clearly borne out from the contents of the sale deed as also from the valuation report, the benefit of deduction u/s 54 is not available. Allowed deduction u/s 54F of the Act (AY. 2015-16)
Chain Singh Mundra v. ITO (2022) 194 ITD 718 / 216 TTJ 761 / 211 DTR 377 (Chd.)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence-Sale of industrial plot of land with an office builtup area on ground floor and so-called residential built up area on first floor-Not entitled to deduction u/s. 54 of the Act-Allowed deduction u/s. 54F [S. 54F]